Business Policy & Decision Making
What is the study of strategies management?
Ans: the study of strategies management therefore emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weakness. Strategic management is that set of managerial decision and action that determine the long run performance of a corporation 2.
Give the evolution of strategic management
ANS: it include environment scanning (Both external and internal), strategy formulation ( strategic or long –range planning ), strategy implementation, and evaluation and control. 3.
Has learning become part of strategic management?
Ans: strategic management has now evolved to the point that its primary value is to help the organization operate successful in a dynamic, complex environment. To be competitive in dynamic environment, corporation has to become less bureaucratic and more flexible. 4.
Explaining the term triggering events
ANS: A Triggering event is something that stimulates a change in strategy. 5. Some of the possible trigging event
ANS: New CEO, by asking a series of embarrassing question, the new CEO cuts through the veil of complacency and forces people to question the very reason for the corporation existence Intervention by an external institution The firm‘s bank suddenly call for payment in full n an old one. Threat of a change in ownership, another firm may initiate a takeover by buying the company‘s common stock. Management recognition of a performance gap, A performance gap exists when performance does not meet expectation. 6.
Strategic Management consist of how many basic element
Ans: four basic elements
1 environment scanning, 2 strategy formulation, 3 strategy implementation and 4 evaluation and control 7. What is environment scanning?
Ans; environment scanning is the monitoring, evaluating and disseminating of information from the external and internal environment to key people within...
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